Donald Trump Meets With Anti-Fed CATO Executive, Picks Swamp Dweller

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John Allison

On Monday, Trump met with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute. Allison wants to abolish the Federal Reserve and return to the gold standard.

Allison is not going to be the Treasury secretary because word has it that Steve Mnuchin will get that position. Mnuchin, Trump’s fundraiser, is connected to six different organizations in six different industries including Goldman Sachs. He was once an Investment Professional of Soros Fund Management LLC. He’s a Hedge Fund guy who took advantage of a relationship with the Federal Reserve. Mnuchin knows where the swamp creatures are hiding since he came from the swamp.

Allison is a different kind of financial expert.

“I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison wrote in 2014 for the Cato Journal, a publication of the institute.

Allison said that simply allowing the market to regulate itself would be preferable to the Fed harming the stability of the financial system.

“When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult,” Allison wrote. “Markets do form bubbles, but the Fed makes them worse.”

Allison also suggested that the government’s practice of insuring bank deposits up to $250,000 should be abolished and the US should go back to a banking system backed by “a market standard such as gold.” Read more at Business Insider.

The Federal Reserve is a central institution not under direct democratic rule and privately owned,yet it is in control of the price of money (interest rate) for an entire nation. Also the money is just money without real value backing it (FIAT money).

NPR reported in June that Donald Trump said, “Bringing back the gold standard would be very hard to do, but, boy, would it be wonderful. We’d have a standard on which to base our money.”

Two months ago, Donald Trump said that the Reserve has artificially kept the interest rates down to help Barack Obama. He added that the U.S. central bank has created a “false economy” and that interest rates should change.

 

 


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